SoundHound AI (NASDAQ:SOUN) Trading 4.6% Higher – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 4.6% on Monday . The company traded as high as $10.52 and last traded at $10.32. Approximately 11,538,241 shares traded hands during trading, a decline of 70% from the average daily volume of 38,546,275 shares. The stock had previously closed at $9.86.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SOUN. Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Northland Securities lifted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $4.01 billion, a price-to-earnings ratio of -28.35 and a beta of 2.62. The firm has a 50 day simple moving average of $12.19 and a 200-day simple moving average of $10.44.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the transaction, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. This trade represents a 7.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in shares of SoundHound AI in the fourth quarter valued at $7,789,000. California State Teachers Retirement System boosted its holdings in SoundHound AI by 13.6% during the 4th quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock valued at $6,023,000 after acquiring an additional 36,422 shares during the period. Objective Capital Management LLC grew its position in SoundHound AI by 25.0% in the 4th quarter. Objective Capital Management LLC now owns 25,000 shares of the company’s stock valued at $496,000 after acquiring an additional 5,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in SoundHound AI by 171.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock worth $1,385,000 after purchasing an additional 44,059 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of SoundHound AI during the fourth quarter worth about $544,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.